We already paid them a pretty sizeable entry fee ($30k) to cover some of their equity and debt in another project.

I'm not sure if that would bring in enough money but it would certainly make things easier financially speaking while you built up your real estate portfolio. 

@Tina ArtigliereReach out to @Bernard Reisz (ReSure Financial) and/or @Dmitriy Fomichenko (Sense Financial)

The financial analysis side of CRE really excites me.

Also, I'm stuck with out-of-state investing which brings a whole series of risks with minimized financial upside (in my opinion) 

That's before you pay any debt service.To answer your question: No, it's generally not a good idea to lose a bunch of money every month.

@Joe Gellenbeck Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

If indeed a loss is taken on this which it sounds like is a fair possibility then if the agent was representing you the agents E and O will/could kick in and that's where you might get some financial relief.

Im self employed, roughly make $130k gross anually, 1099 NEC , no debt at all, 740 credit score. 

Together, the property nets us roughly $1,400/month after expenses.Equity Split: My partner owns 60%, and I own 40%.I'm exploring ways to take out my equity without disrupting this deal, as I feel this isn't the best financial decision for me right now.